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The Standards Satoshi built into Bitcoin

December 31, 2014

According to CRYPSA’s analysis, Satoshi Nakamoto’s White paper is built around the following 4 basic standards, or values that we all gather around. These standards are built into the existing Bitcoin system, as well as most cryptocurrency variations, and are as follows:

EQUALITY:

Transactions should occur between equals (peer to peer), with no possibility of reversing a transaction.

System security is ensured by an honest community, via a majority of honest CPU power.

FREEDOM:

Peer to peer transactions do not need a government, financial authority, nor a trusted third party to oversee transactions.

Individuals have a choice to use peer-to-peer pseudonymous transactions or to use other systems for their transactions.

TRANSPARENCY:

Open transactions ledgers, transparency and community participation serve to prevent fraud better than central authority controls.

“Proof of work” is preferable as a validating mechanism instead of “proof of ownership” or other conventional methods of establishing property rights.

Cryptographic proof can be used instead of trust in transactions between peers.

PRIVACY:

Privacy protection is ensured with the use of encoded public and private “keys” (Pseudonyms and passcodes).

Stock trades do not normally identify the purchaser and seller, yet are considered valuable public information. Public Key anonymity is a better protection for privacy than a trusted third party.

Some may argue that these are values or principles, or even best practices, but in truth, any cryptocurrency that does not respect Equality, Freedom, Transparency and Privacy will probably be risky and unreliable for users and businesses alike. Of course, CRYPSA’s members will have the last word, which is why the standards development process will always identify the personae behind every standard, as well as the group that works on impoving it.

This will work in a highly participatory and open fashion, in which our advisors and experts will help the members use the best language so that third parties, including lawyers, can’t find a way to cheat or trick our community.

For more information, and to start participating, please visit http://crypsa.org.